Our Employer of Record (EOR) solution helps your business expand, without the need for you to set up an entity in Cyprus, which can be costly and time-consuming.
We will take care of all the hassles related to the onboarding of your international workforce and manage their payroll, benefits, taxation, probation, and termination in compliance with the local laws.
What is Employer of Record (EOR)?
As an EOR we conclude an agreement with both you and the employee, while you retain the day to day management of your worker. We become the legal employer of your new workforce and we are responsible for correct deduction and payment of Income Tax & Social Insurance, observing and adhering to local labour laws, registrations and other local regulations that are required. Your company maintains control over the working relationship, work ethics, tasks, and daily responsibilities of your worker.
How does an EOR service work in Cyprus?
- You don’t need to set-up an entity in Cyprus; you can simply use one of our established companies to engage both EU and third country nationals;
- We are registered with the “Business Facilitation Unit” (BFU) as a “Foreign Interest Company” in Cyprus and authorised to employ third-country nationals and we can attend to all necessary immigration requirements (work permits/visas) in the shortest time possible (approx. 1 month).
- We will invoice you for the necessary costs of the worker(s) and upon receipt of funds we will report the payroll, deduct the applicable Income Tax, Social Insurance and other contributions and pay the net salary due to the employee in a timely and secure manner;
- If the worker is no longer required locally, we will manage the transition. We will attend to the payroll deregistration, notifying the authorities, closing bank accounts and cancellation of visas (as applicable).
What are the benefits?
- COST EFFECTIVE The greatest benefit of using an EOR is that there is no necessity for you to set-up an entity in Cyprus, which can be very expensive and may take several weeks. It also avoids the bureaucracy of opening a local bank account for a newly established business;
- EFFICIENT We facilitate fast and transparent onboarding so that you can save time and avoid delays battling red-tape. Deploying your workers into Cyprus quickly can help your project to get up and running
- LOCAL EXPERTISE You will benefit from our local expertise and knowledge of the Cyprus market, established via almost 20 years Group experience in the global mobility sector. We are constantly abreast of all changing legislation in Cyprus, such as the new tax incentive scheme whereby relocated employees earning equal to or in excess of €55,000 are able to benefit from a 50% tax exemption.
- COMPLIANCE We are committed to providing Employer of Record best practices on Income Tax, Social Insurance, treaties and expenses;
If you would like to learn more about our Employer of Record (EOR) solution in Cyprus, feel free to contact us at [email protected] or by tel: +357 25 820 640
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